Wells Fargo & Company, a San Francisco-based financial services giant, announced recently that it will no longer allow cryptocurrency purchases using its bank-issued credit cards.
Joining the Ranks
U.S. financial services company Wells Fargo and Company has announced that it will no longer allow customers to use bank-issued credit cards for cryptocurrency purchases.
With this move, Wells Fargo joins the ranks of other major U.S. banks who have already prohibited the purchase of cryptocurrency with their credit cards — namely, JP Morgan Chase, Bank of America, and Citigroup.
The main concern, as expressed by a Wells Fargo spokesperson, lies within the high volatility of the cryptocurrency market:
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